NEED ADVICE ! Loan company called and told us NOT to send info to their attorney ! They don't know who their attorney is ! PLEASE READ !!!

[filo74]

Hello to all..wonderful website here. We are in Coral Springs, FL.....which is in Broward County. My wife bought this condo before I even met her. Since then, she lost her job, got a lower paying job, the property tax was miscalculated so her mortgage went way up, the HOA fees went up and the place turned section 8 and there is nothing but trash living around us. Because of all these reasons, she is walking away from the condo. With my good credit and good salary, I will take care of all the housing issues in the future since her credit will be messed up.

She got served the Lis Pendens yesterday. How much more time do we have until they evict us ? The reason I ask is that we are trying to live here as long as possible in order to save $$ for a down payment for a house in the very near future. I still have some debt to take care off too. At the same time though, she does not want to extend this because it's agonizing being harassed by collections everyday...she gets 4 phone calls everday on her cell. She of course does not answer, but still, it bugs her....I know that.

The Lis Pendens states we have 20 calendar days to respond to the foreclosure lawsuit. Should we hire an attorney to draft a letter to the courts ? Will this buy us some time and is it worth the money ? My goal is to delay the inevitable by 2 months, but at the same time I do not want to spend $$$ on an attorney because we DO want out of this hell hole....but not in 3 months...more like in 4-5 months. We still need to save, that's why. What do you all recommend ? Should I hire a real estate attorney to handle the response to the 20-day notice or should I just let nature take it's course ? If we can stay here until November...even December, I would be super happy and would be able to save the money I need for downpayment. Any help is appreciated

Nelson

[Moe Bedard]

Hi Nelson,



Welcome to the forum and thank you for joining................

Florida foreclosure law is tricky.............and in order to navigate it best you might want to hire the attorney to help you with the filing and to answer the questions that you might have regarding the timeframe as they would know the answer to that................even if it is for a consult of an hour or two just to get some answers to your particular questions..............

Florida Foreclosure Law

Hope this helps at least answer a bit about the process that Florida takes.............

[filo74]

Before I met her, dated her and married her, my wife bought a condo. She was making 40K a year (still does actuallly) and she got an ALT-A loan through Aurora loan services in the amount of 242,000. IS this predatory lending ? She stopped paying the mortgage in February because she lost her job (now she got another one..but it took 1 month to find another job), the mortgage payments went up due to property tax miscalculation and the HOA fee's went up. Not only that, the place turned section 8 and is now becoming a ghetto with crime and weird people all over. Sad, but true.

So my question is, should she just walk away and take the hit or should she hire an attorney and fight this in court as predatory lending and maybe the lender will agree to do a deed in lieu of foreclosure and her credit will be spared somewhat with no risk of deficiency ?

I don't understand how these idiotic mortgage brokers gave her a 242k loan with a 40K salary and NO OTHER ASSETS. Amazing. Should we pursue this in court or is not worth it ? And if we did pursue it, what would we get out of it ?

Thanks to all.

[filo74]

That's right ! She got served her Lis Pendens 3 days ago and right afterwards, we did a public record search with our court system and found out that the loan which was with Aurora loans, was sold to the Federal Home Loan Mortgage Corporation or Fannie Mae. How can this be and why ????

Anyone care to provide their insight into this ?

[Moe Bedard]

filo..............

Actually that is FreddieMac...................and chances are that they were the investor on her loan all along.............ALS is just a loan servicing company......

[filo74]

so I dont understand why it is being serviced by Freddie Mac now.

[Moe Bedard]

It is still serviced by ALS..........when you are served foreclosure papers it will tell you who the note holder is.........in this case it is FreddieMac.........

[925girl]

Does it mean she can get in on the Fed FHA help coming soon? Is is bad, good or the same?

[Scott Hazlett]

Hi All,

There are still some unknowns regarding the FHA help but some things are a given; full doc, acceptable debt ratio's (30-32 front and 43-45 back), fico above 580. As it stands and the last I read (last week) is that there will be enough money to help approximately 400,000 families and we still have between 2-3 million loans to adjust in the next few years. It will most certainly help but we still have a lot of work to do.

[filo74]

My wife is walking away from her home because she cannot afford it. We are suspicious that her income was inflated by her mortgage broker which at the time was a friend.

Anyhow, she stopped paying in February of this year. She got served the lis pendens 1 month ago. Her lender is Aurora loans (owned by Lehman Brothers). The lis pendens was sent to her from a local law firm that handles a lot of foreclosure matters (we hired an attorney to draft a response to the lis pendens so we could get a formal hearing) Prior to her receiving the lis pendens 2 months ago, Aurora loans send her a financial affidavit form to fill out that would disclose all her assets (none really), her monthly income, debt, etc, etc. They also asked for a financial harship letter...which she sent and also some copies of her pay stubs....she sent everything like she was supposed too. A month after that, they asked for the information again...so she sent it again. At this point she received some phone calls from Aurora asking if she sent the stuff they asked for and she said YES...I Sent everything....twice ! And told them they were very disorganized, which they really do seem to be !

Yesterday, she received a letter from the attorney representing Aurora loans. The letter was titled " INADMISSABLE SETTLEMENT COMMUNICATION" and basically said she may be eligible for certain oppportunities and alternatives including :

-repayment plan
-homesaver advance (personal loan that will bring loan current)
-modification
-short payoff (short sale)
-Deed in Lieu (THIS IS WHAT WE WANT)

It says to contact them immediately if she is interested in any of these alternatives. They also included a financial affidavit sheet asking for all her perosnal info including work address, location, monthly income, debts, assets....SAME THING that Aurora asked for TWICE....but now the attorney is asking for this info.

OK....so we got this letter yesterday. TODAY, she received a phone call from Aurora loans asking where the financial affidavit and all the copies of the pay stubs are. She was angry at this point since she already sent them everything they asked TWICE before. She verified that it was indeed aurora loans she was talking to and not a collection agency. She told them that she received a letter from their attorney yesterday asking for the same stuff they has been asking and that she sent out twice before. The aurora loans rep. was bewildered and asked who the attorney was ?!? My wife told them and the rep. told her that this is not true. My wife told the rep. "do you think I am making this up ?!" Wife then asked her to check with her supervisor and the rep. came back and said OK...you are right....that is our attorney that is representing us. Can you believe it ? They don't even know who is representing them ??

So here is the weird thing...and I need your input and insight on this....the aurora loan rep. told my wife to NOT send the information the attorney asked for....to send it to them again. She was like " Well, this is going to be the 3rd time I am sending you all this stuff...why are you losing all of this stuff?" My wife told them maybe it's better to just send it to the attorney because they may be a whole lot more organized than you. lol

So why is aurora loans telling her to essentially disregard the letter from their attorney and send the requested items to them directly instead ?

Also...if she send the attorney all the info, isn't she arming them with information for them to be able to more easily sue later...since they will know where she works and how much she makes, ETC.....possible wage garnishment ?

She told the aurora rep. that she will send the info for the 3rd time to them and also send it to the attorney per the attorney's request. SO what is going on here ???


Thanks for the help